You have probably heard legend and lore about people finding hundreds or thousands of dollars in their change pile at home. The reality is that it is possible to find very rare coins, even if it is highly unlikely. The odds of a great find are also getting lower and lower each year. And of course, even if you do have a lucky coin of value, it may be in really bad shape after being in circulation for decades.

In the odd event that you do happen to have a hidden treasure, or in case you want to learn about the most valuable coins on the market, Collectors Dashboard wanted to review the most valuable United States pennies. True coin collectors, or numismatists, will cherish these high value coins. And keep in mind that the value if you were to spend them and put into circulation may just be that same face value of one-cent until someone else makes that lucky discovery.

Many of the most valuable pennies minted in the United States were minted in low populations. Others may be a sole or unique example. That would back up the belief that these are unlikely finds in your spare pocket change. That said, if there is a jar of coins that has sat in an old relative’s house for decades it would certainly be worth a review.

In order to avoid confusion, the theme that will reign is the pennies narrowed down to a focus on “modern” American cents. Some of these will not sound all that modern, but this is with the understanding that a penny minted in 1856 is more or less the same shape and size as a penny minted today.

It is important to know that the composition of coins can vary from series to series. Collectors Dashboard wanted to separate million-dollar early American one-cent type coins from more collectible modern examples. Another issue to consider is that “top 20 lists” are always subjective. There may have been other one-off sales that have taken place at higher prices in different auction houses. Other sales will have taken place at coin shows or in other private transactions that have never been recorded.

FLYING EAGLE CENT

The 1856 Flying Eagle Cent is a low population coin. It’s the first American penny to be minted in the modern size that is similar to the penny you have in your pocket. The image used was courtesy of Heritage Auctions. Here are some recent Heritage prices realized of the coin:

• 1856 Flying Eagle Cent in Copper-Nickel, Judd-183, Snow-4, PR64 sold for $25,200.00 on February 23, 2021 after 35 bids.
• 1856 Flying Eagle Cent in Copper, Judd-185, AU Details sold for $9,000.00 on February 24, 2021 after 33 bids.
• 1856 Flying Eagle Cent in Copper-Nickel, Judd-184, Snow-PT1, PR62 sold for $10,200.00 on January 20, 2021 after 18 bids.

VDB LINCOLN CENTS

The 1909 S VDB is the first year issued for the Lincoln Cent series. The VDB are the initials of the designer and were discontinued mid production making the San Francisco variety more scarce than the others. Here are recent sales:

• Legend Rare Coin Auction sold a PCGS graded MS66+ RB CAC for $8,518.75 in September, 2018. The 2021 PCGS price guide lists the coin as having only two known examples with one example in a higher grade. The 2021 PCGS price guide lists the value at $10,500.00.

BRONZE VS. STEEL PENNIES – ONLY IN 1943

Pennies minted in Bronze in 1943 when all others were composed of steel. According to Heritage Auctions only 10-15 examples are known. Here are some recent sales of known examples:

• A 1943 Bronze Lincoln Cent, MS62 Brown sold for $348,000.00 on April 24, 2021 after 39 bids.
• A 1943-D 1C struck on a Bronze Planchet MS64 Brown PCGS sold for $840,000.00 on January 20, 2021 after 45 bids. The PCGS price guide lists this coin’s value as $1,150,000.

1943 ERRORS: SILVER DIME PLANCHETS & CUBAN ONE-CENT

Heritage Auctions has several examples of 1943 pennies being mistakenly minted on silver dime planchets. Here are some prices realized for such a rare example:

• A 1943 1C Lincoln Cent Struck On A Dime Blank NGC MS65 sold for $7,500.00 on September 18, 2020 after 32 bids.
• A 1943 1C Lincoln Cent Struck On A Dime Blank NGC MS65 sold for $9,900.00 on February 20, 2020 after 16 bids.

A penny from 1943 was struck on a Cuban 1 Cent also from 1943 and is numismatically unique according to Heritage Auctions (Image below also from Heritage Auctions). In fact, this auction house has sold the one existing example twice for this 1943 Cent Struck Over Cuba 1 Centavo Coin is graded PCGS MS62. Heritage explained how this may have happened because the history of America and Cuba is different before Castro and after Castro. Heritage explained:

The United States mint has produced coins for foreign governments at various times during its history, so the production of 1 centavo coins for Cuba in 1943 is certainly not a unique or noteworthy event in and of itself. The hectic wartime production schedule of the Philadelphia mint, and the corresponding erosion of its quality control, however, resulted in planchets being fed into the wrong coinage press. As clients of our many auctions know, the introduction of copper planchets from the 1942 production run created the ever-popular 1943 copper cents. In the case of the present coin, it was an already struck Cuban 1 Centavo coin that somehow found its way into a Lincoln cent press.

Therese were the two sales that have been seen:

• it sold for $10,925.00 on January 4, 2006;
• and it sold again on November 1, 2013 for $38,187.50.

HIGHEST GRADES OF INDIAN HEAD & LINCOLN CENTS

Here are top auction prices paid for the highest graded examples known of both Indian Head Cent series coins and Lincoln Cent series coins provided by PCGS:

• 1864 L on Ribbon Indian Cent Gem Red and Brown Proof, Snow-PR2 sold by Heritage Auctions for $161,000.00 on October 13, 2011 after 29 bids.
• 1877 Indian Cent MS66 Red PCGS is tied with one other for the finest example known. The record sale for this Key Date coin was sold by Heritage Auctions for $149,500.00 on August 9, 2007 after 11 bids.
• The Sole Finest Deep Cameo Indian Cent at PCGS 1897 Indian Cent. Proof-67+ Deep Cameo (PCGS). CAC. The coin was sold by Stacks Bowers for $108,000.00 in March, 2021.
• 1899 Indian Cent, MS68 Red is the finest example known and sold by Heritage Auctions on August 14, 2019 for $108,000.00 after 22 bids.
• Finest Known Key Date 1909-S Indian Cent MS67 Red PCGS sold by Heritage Auctions on January 5, 2006 for $97,750.00 after 16 bids.
• The finest known 1914-D Lincoln Cent, a PCGS MS66+ RD was sold by Legend Rare Coin Auction for 158,625.00 on May 17, 2018.
• The (single) finest PCGS Certified 1926-S Cent 1926-S 1C MS65 Red sold by Heritage Auctions for $149,500.00 on January 5, 2006 after 19 bids.
• 1944 1C Struck on a Zinc-Coated Steel Planchet MS64 PCGS sold by Heritage Auctions for $180,000.00 on June 17, 2021 after 41 bids.
• 1944-S 1C Struck on a Zinc-Coated Steel Planchet MS66 PCGS CAC sold by Heritage Auctions for $408,000.00 on August 18, 2021 after 41 bids.
• 1958 Lincoln Cent. FS-101 Doubled Die Obverse MS-64 RD PCGS was sold by Stacks Bowers for $336,000.00.
• 1955 Lincoln Cent FS-101 Doubled Die Obverse MS-65+ RD PCGS CAC. The finest full red graded by PCGS sold by Stacks Bowers for $114,000.00.

VALUE VERSUS POPULARITY

What both the collector and investor must understand about coin collecting is the difference between the value of the coin and the popularity of the coin. This is a value versus popularity is a constant dilemma in numismatics. An example for that concept is the common knowledge that the most sought after Indian Head penny for any collector is the 1877 example.

The highest sale for the highest graded example sold for $149,500.00 on August 9, 2007. This is the highest known price for the 1877 Indian Head key date according to PCGS auction records. The same auction records for highest price show the highest graded example of 1958 wheat penny with a doubled die obverse selling for $336,000.00. A popular coin must not be a distraction from the true financially desirable examples to find as a collector.

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Collectors Dashboard evaluates high-end collectibles as an alternative asset class. This means collectibles are attracting the same capital that could have been invested into stocks or bonds. This can sometimes be ironic in numismatics, because unlike other collectibles this is investing money into money rather than cards, stamps, comics and so on. Many collectibles now cost thousands of dollars (or much more). Collectors with a passion to own a collectible for years frequently have to compete directly against investors whose only desire is to make a profit in the future.

If you have ever heard the adage “a penny saved is a penny earned,” it isn’t really true. A saved penny is better because you have already paid your taxes on it. Maybe the saying should be “An error penny found is worth more than a penny earned or saved.”